SANTA BARBARA, Calif. — North Texas has three cities among the top ten that built the largest share of luxury rentals over the last decade.
Plano and Irving, along with Dallas proper, have seen a surge in apartments that offer VIP treatment. That’s according to StorageCafe’s most recent analysis based on the ratio of high-end apartments out of the total deliveries in the last ten years, in the 100 biggest cities.
“I can only speak for Texas, but I believe Texas is behind the curve in new apartment construction,” said Dr. Harold Hunt, Texas Real Estate Research Center research economist. “I base that thought on a year-over-year increase in average apartment rents in Texas that is just under 20 percent.”
Highlights on DFW’s premier apartment living include:
- Plano ranks first among Texas cities and third nationally, with 98.5 percent of its new apartments offering top-notch living.
- Plano apartments that fall under the “luxury” label are over 945 sf on average. Amenities include resort-like pools, tennis courts, EV charging stations, and co-working spaces.
- Irving ranks sixth for luxury apartments, with 97 percent of the apartments built since 2012 showcasing top-rated amenities.
- In response to unprecedented demand, 55,000 units have been delivered in Dallas proper over the last decade, with 96 percent of the new supply being luxury apartments. Much of this slew of luxury developments came in response to massive corporate relocations to DFW.